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CITY or ait,'.Mt. rLoRtDA
INTER-oFrICE MEMORANDUM
to:
Honorable Members of the
City Commission
Ltd 6=-G2 e e4„* r-
P. W. Andrews
City Manager
DATE
sltflJEct.
11E:FErE!1CF.S.
ENCLOSURE'S:
MAR 2 a 1976
FILE:
Property Foreclosure Bid
Convention Center Facilities
At the March 4, 1976, Miami City Commission Meeting, Motion
76-280 was adopted which authorized the City Manager to partici-
pate in bidding up to the appraised value on certain property
adjacent to the Convention Center site, which was under foreclosure
sale. This property was being foreclosed under a series of seven
mortgages and liens with a cumulative claim which exceeded
$1 56, 000.
The City obtained two appraisals which indicated an estimated
fair market value ranging between $1 35, 000 to $169, 000. The
foreclosure sale occurred at the Courthouse steps on March 22,
and the City was successful in obtaining title to the property for
a final bid of $140, 000. The attached sketch shows the property
purchased.
The improvements on this property consist of a three-story
commercial building in poor condition. Action will be taken in
the near future to clear this site for future convention facility
construction.
CITY COMMISSION
MEETING OF
MAR25
KESOLUTIU
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City Property
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